The company’s bike component sales grew 4.5 percent to $1.7 billion (128.7 billion yen) and are now 80 percent of its overall business. Shimano’s fishing business grew 1.3 percent to $427 million (32.4 billion yen) and sales from its other business segments fell 34.6 percent to $6 million (458 million yen).

In its quarterly financial report, Shimano cited troubled economies and dismal summer weather in the United States and Europe for its lackluster performance there—sales were virtually flat compared with last year. Sales into China continue to grow and lifted Shimano’s sales over last year.

Shimano said that its Deore XT and Tiagra components sold well, and orders for Ultegra Di2 have been strong.

Still, the company lowered its sales forecast for the year to $2.9 billion (221.0 billion yen), a 1.7 percent drop from its prediction in July. While Shimano is optimistic that sales into China will continue to grow strongly, the company fears Europe and the United States could dip back into recession.